Well, the Dow futures have flipped. They were minus 40 or so about 20 minutes after shrub spoke....

[A HERETIC I AM]

they are now positive by 30.

http://www.bloomberg.com/markets/stocks/futures.html

We'll see if that holds through the night.

[Old and In the Way]

1. For a market going in full Depression mode next Monday....

it sure is acting odd...no? What if the $700BB is a complete scam?

[ingac70]

3. It is a scam. n/t

[elzenmahn]

5. Looks like a scam, smells like a scam...

It's a scam.

It's yet one more wealth transfer from the middle class to the one percenters.

And BTW, anybody hear Bushiebaby whine and cry in tonight's address?

[A HERETIC I AM]

8. They have to do something.

As has been mentioned by many others on this board, the last thing this country needs is for the financial system to collapse.

They really do need to do something. I sure as hell don't trust this administration as far as I can throw em', but I don't think the people working on this issue are complete idiots, either.

The guy at the top with the big ears is an idiot, but the people behind the scenes, they are not dummies. Since I have zero sway over what they will do it this point (like most of us, I suppose) I have to give them some benefit of a doubt.

"Full depression mode next Monday"

Like I said, we'll see. The next Great Depression has been coming for as long as I can remember, and I'll be 50 next year.

[Old and In the Way]

10. Why do we have to do something?

I'd tell Paulson, look, if there's a legitimate problem that needs fed legislative intervention, tell us what it is. Be specific. Don't BS us with needing a no oversight $700BB wealth transfer to you. Show us what's failing and why. Otherwise, no $.

The fact that they drop this turd with no warning is pure bullshit. If we didn't have an election in 2 months, an election Bush desperately needs to be a Republican victory, there'd be no pony show,

[A HERETIC I AM]

11. I agree with your point 100%.

But as I said, they have to do something.

The biggest problem is that they waited too long and now they don't have much time.

[Old and In the Way]

12. 'they' being who?

this administration? I think the deal was to get out of Dodge before the wallpaper starter to peel. We got structural financial problems, based on 28 years of Republican deregulating, big business bullshit. Bush was hoping he had the political capital in the bank from 2004 election to get his social security privatization scheme sold...that'd taken care of the market through 2010-11...well after he was out of town. But that didn't happen. Shit caught up with him months before he's gone. Yes, there's a problem. But we don't need a Republican Financial guy who was part of the problem giving us a solution that will shut down any hope for a progressive agenda for the next decade spooking us into making stupid decisions. I'd offer $100BB and if they whine, $50BB.

[Mojorabbit]

19. If you follow the stock market watch thread

here every day you would see that this has been coming. I really think they thought they could hold this back and have it happen on the next president's watch.

[originalpckelly]

15. The market is anticipating passage of the bailout.

Any doubt that it may pass has caused a downward turn.

[Old and In the Way]

16. I'd test that proposition.

OK...let'er rip. How much will it lose? $700BB? Who will lose it? I'd say, take the $700BB and put it to work in our economy - healthcare, mortgage restructuring, infrastructure investment, and jobs. If Wall Street dies, at least Main Street survives. And Wall Street only survives if there is a Main Street to support it.

For the top 2%, you can eat your paper assets or you can pay surtaxes to support the bailout...what's their preference?

[Selatius]

2. Nikkei isn't looking too great right now. I wonder if the rest of Asia/Europe will follow them.

Confidence is still pretty low.

[TheWatcher]

4. The Power Of Bullshit Never Ceases to amaze me.

Yesterday it was Buffets $5 Billion investment in GS that was to "Save The World."

Now the "Rescue Plan" Rally.

So much fun.

[SlowDownFast]

6. Short bussers...

You know, Heretic, the ones that have been spouting this last year that the market and economy would be just fine, and that everything else was just scare-mongering and Chicken Little stuff...

Remember?

[A HERETIC I AM]

9. Ahhh, yes. The good old days.

How have you been, Sir?

How have the book sales been coming?

Did I ever say "that the market and economy would be just fine"?

If I did, then it was wrong of me to do that, obviously. But I don't think I ever said anything like that. I do distinctly remember posting that I thought a Depression was "not bloody likely" and I still think that.

Lots of folks have been scare mongering though, but hey...it's fun, isn't it?

[TheWatcher]

14. Did I ever say "that the market and economy would be just fine"?

Yes, You Did.

[A HERETIC I AM]

17. Kindly show me the thread. n/t

[TheWatcher]

18. Buy me a star and I'll consider it.

You know what you've said in the past, just as well as I do. I merely pointed it out, not really intending to finger point or accuse in a malicious or deragotory way.

But yes, you have, and you know you have.

It really doesn't matter now anyway.

We are where we are.

And this "Bailout", "Rescue", Scheme, Scam, et al., will not solve things.

[SlowDownFast]

20. Here's a quote from you:

Again, is this a serious issue? Yes it is, but I just don't think it will result in a wave of defaults which many on this board seem to think is going to happen. It will most assuredly affect the NAV of quite a few high grade bond funds but I just don't see it as a catastrophe. I could be horribly wrong, however and freely admit that.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x2753737#2761656

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x2753737#2754732

There are more, a little more benign, but if one reads through your postings from last winter/spring in the Economy Forum, one could easily conclude that you were mostly scoffing at those who warned of exactly what is happening now.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x36888



And by the way, you have me confused with someone else's book writing (http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x32074#32275). I'm the one who recommended the book, "Is There a Hyphen in Anal Retentive?" to you - to which you promptly responded with obscenities that the mods deleted.

Ahhhh, yes. The good old days...

Psssst....Dow futures are back to negative 30 as I type this.

[A HERETIC I AM]

21. Well, you're right and I was clearly wrong.

I hedged and said "I could be horribly wrong" and I was.

If I ever made a definitive statement that everything would be rosy then it was wrong of me to do so and I apologize for it.

One thing that I haven't done is recommend specific investments for complete strangers. There are many on this board, and YOU know who they are, that can not say the same thing.

You're right, I did confuse you with "Crazymans economics". Sorry.


Psst...the Dow futures are now basically flat. (+4.00) as I type this.

[DJ13]

7. The markets have been rigged since 9/11

The crash should have happened near the end of 2006 if it wasnt being propped up by the government.

[marmar]

13. Dow futures were up almost 100 before the market opened today.....

.... and ended up -29 at the close of the day. The future is a fleeting thing.....

[radfringe]

22. heard on radio this morning

Asian markets were open and trading during smirk-boy's speech. they took a drop while the piehole was open

[Ian David]

23. Rupert Murdoch removed AIG from the DJIA. n/t

[ColoradoMagician]

24. Bush spoke after the market closed

The market hasn't opened yet, so we haven't seen the reaction on the market.